An Indemnification Agreement between Shareholders who have Jointly and Severally Guaranteed Debt of Corporation is a legally binding contract between two or more shareholders of a company. This agreement stipulates that the shareholders agree to assume joint and several liabilities for any debt incurred by the corporation. The agreement outlines the responsibilities of each shareholder in terms of repayment of any debt and also establishes a framework for the indemnification of any shareholder from any liability related to the debt. Depending on the agreement, the shareholders may be required to indemnify each other for losses incurred as a result of the debt. The two main types of Indemnification Agreement between Shareholders who have Jointly and Severally Guaranteed Debt of Corporation are Mutual Indemnification and Proportional Indemnification. Mutual Indemnification requires each shareholder to assume an equal share of responsibility for any debt incurred by the corporation. Proportional Indemnification stipulates that each shareholder is responsible for a proportional share of the debt based on their respective ownership stake in the company. Both agreements may also contain provisions for the reimbursement of legal fees and other expenses incurred in relation to the debt.
Indemnification Agreement between Shareholders who have Jointly and Severally Guaranteed Debt of Corporation
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FAQ
In a lawsuit or proceeding brought by a third party ? those outside of the company and not in a derivative manner on behalf of the corporation ? directors and officers may be indemnified for actual and reasonably incurred expenses, including attorney's fees, judgments, fees and amounts paid in settlement.
Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
Shareholder shall indemnify, defend and hold harmless the Company and its officers, directors, employees, agents, affiliates and permitted assigns (each, a ?Company Indemnitee?) from and against any and all losses, claims, damages, liabilities, judgments, costs and expenses (including reasonable attorneys' fees)
The Company shall indemnify, defend, and hold harmless the Ramot Indemnitees against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon any of the Ramot Indemnitees in connection with any third party claims, suits, actions, demands or
Indemnity clauses provide creditors with the option of collections against the business principal (owner) as well, but creditors have many more options using indemnity clauses when compared to a personal guarantee.
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.
What is a letter of indemnity? A letter of indemnity is a form that registrars need shareholders to fill in before a replacement share certificate can be issued.
A signed indemnity allows for company funds to be distributed to shareholders prior to the MVL process officially ending. This means that shareholders do not have to wait months while the MVL is going through the correct channels to receive the money which is tied up in the company.
An indemnity is an agreement by one party (the indemnifying party) to bear the cost of certain losses or liabilities incurred by another party (the indemnified party) in certain circumstances. An indemnity will typically give rise to a right to an on demand payment without the need to prove a breach of contract.